Jim Gurgone joined Eclipse Business Capital as chief risk officer. In this role, Gurgone will oversee Eclipse’s credit processes for its existing portfolio management verticals in addition to providing input into new opportunities and strategies.
Encina Business Credit announced a recapitalization and an expanded capital base provided by affiliated funds of Barings along with participation from Encina management. In conjunction with the recapitalization, Encina changed its name to Eclipse Business Capital.
Encina Business Credit promoted Tron Allen to chief commercial officer. Rob McMahon, who was serving as interim chief commercial officer for the company, will return to his prior role as chief operating officer at Encina Capital Partners.
Encina Business Credit completed a $75.0 million revolving credit facility for Horizon Global. The facility will be used to replace an existing facility and will provide for ongoing working capital.
Starting a new nonbank ABL is not for the faint of heart, says Encina Business Credit CEO Marty Battaglia. The 30-year ABL veteran spoke with ABF Journal editor Nadine Bonner about the challenges of starting a new business and the slow, sure future he envisions.